### Table 5e: Component Decomposition (Bond Yield Sample)

| Dependent Variable | Z₁ Coefficient (p-value) | N | Countries | R² |
|:--|--:|--:|--:|--:|
| Nominal bond yield | +53.1 (0.0107)* | 635 | 23 | 0.225 |
| Real bond yield | +33.8 (0.0852)† | 635 | 23 | 0.171 |
| Real GDP growth | +35.6 (0.0059)** | 635 | 23 | 0.193 |
| Inflation | +26.4 (0.0021)** | 635 | 23 | 0.206 |
| r-g (nominal) | +21.8 (0.4336) | 635 | 23 | 0.175 |
| r-g (real) | -7.7 (0.7625) | 635 | 23 | 0.135 |

*Homogeneous sample of countries with 10-year government bond yields. PanelGLS with AR(1).*
